How to Keep Your Overseas Removal Insurance Costs Down
There’s more than enough to think about when moving overseas, which is perhaps one of the largest logistical tasks you’ll ever have to carry out. If you haven’t moved abroad before, keep in mind that it involves so much more than just finding a place to live and moving your furniture to your new location.
Integrating into a new country requires you to consider everything from the new schools your children will attend, where you can access medical care, organising daily transportation and ensuring your whole family has the right insurance in place in case anything goes wrong.
When you’re moving abroad, it’s crucial that you also take out removals insurance in addition to any travel and health insurance you need. The last thing you want when you’re in the middle of sorting out a million and one jobs during your relocation is for your items to become lost, stolen or damaged, without effective insurance in place.
What Kind of Insurance Do I Need?
The most common cover to have is generally a contents insurance policy that includes house removals. However, there are also a number of separate relocation insurance policies that could cover you for your move too. These could be offered by specialist insurance companies or even by your existing home insurer.
Additionally, many international moving companies will offer their own form of overseas removal insurance. This can be more practical and affordable if you’re in a rush and don’t have the time to research the best rates on the market, but be mindful that these policies don’t guarantee that your whole home and possessions will be covered.
You must also check that the policy affords significant compensation allowances for items of high value. Otherwise, you might find that the payout for your policy doesn’t actually cover the cost of your items that are lost, damaged or stolen during transit.
Confirm which items are included as standard in your contract or if you have to pay extra. If high-value items are charged separately, you may find insuring independently to be much cheaper. Make sure you check for:
- Accidental loss
- Compensation limits
- Replacement or repair cost limits
Make sure you always understand the amount of excess you’d need to pay if you make a claim.
Whichever kind of overseas removal insurance you are thinking of getting during your relocation, whether it’s the insurance package offered by your moving company or a specialist policy designed for your unique needs, below are a few best practices you can follow.
- When making calculations on your possessions, do not underestimate the replacement cost of your belongings.
- Communicate by email so that you have a record of all your negotiations and arrangements with your insurance provider.
- Make sure items are packed by your moving company as most insurance policies will not cover the contents of your home if you have packed the items yourself.
- Contact your existing insurance company for your current home to let them know you are moving. They may be able to offer an extended policy that covers the moving process and perhaps your new home.
- Don’t leave any gaps in your cover, making sure you are seamlessly protected from your old home to your new home.
- Check the insurance policy diligently in writing and file it away safely.
- Consider taking out specialist insurance for your high-value items.
- Check exactly what is covered by the insurance policy (many items you might expect to be covered may not be included).
- Confirm whether your insurance cover is for the replacement or repair of items, or whether it just covers the cost of financial compensation.
If you want to learn more about how to take out international removals insurance so you can reduce your costs during your next relocation, get in touch with us at the Insurance Broker.